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of drought which people don't -- people underestimate droughts. drought probably cost more than sandy will in the long run because of the public sector. fewer games, and sandy is like, was a hurricane and then just whatever you want to call after that, that's a big debate. but we're talking about manhattan, want you to think about this. people are talking at sea level rise in inches, maybe a foot over decades. sandy produced storm surge of three to four meters, or over 12 feet, in one of the most densely populated areas in the united states. and everybody says, i didn't think this could happen. i'm like, well, i've got pictures in the '30s when they were flooding the subways back then. it just doesn't happen very frequently. we had -- all of their imaging equipment in the basement. it makes sense when you don't deal with storms every year, it's much easier to shield, it's isolated, and it's a great space putting that type of equipment. now if you're getting hurricanes every five or six years you wouldn't have built there. if you hadn't had a storm since the series of any magnitude, ma
on hand and when sandy had, the amount paid out exceeded the cash on hand in our existing borrowing authority. so congress has to appropriate almost $9 billion so we could go out and borrow enough money to pay those claims off. who is paying the interest on that? who was ultimately sat with the data if the insurance policies never pay that off? do the taxpayer. you are the insurance come me. it's called the national flood insurance program. you are responsible for that exposure and at the point where fema can no longer borrow enough money for congress cannot find my money, we will build a payer claims that the fault, which means it will come back to you the taxpayer to make up the difference. why was the flood insurance program created in the first place? remember that saying about it might be assigned? from the private sector said the risk and exposure to flooding is greater than our ability to make returns for shareholders. first of all, insurance companies are not evil people. they have a job to do to manage risk in such a way they can provide coverage at a rate which they pay ou
Search Results 0 to 1 of about 2